Renewal of Exploitation License for Sela Creek
Miata Metals Corp. is excited to inform stakeholders that it has successfully renewed its exploitation license for the Sela Creek Gold Project for another five years. This renewal is a significant milestone for the company, allowing it to continue its exploration activities and further develop its promising gold project.
CEO Statement on the License Renewal
Jaap Verbaas, CEO of Miata Metals Corp., expressed his satisfaction regarding the license renewal, stating, "We are pleased to have received the renewal of our exploitation license for another five years, providing a long runway for continued exploration." This statement underscores the positive outlook for the company's future operations at Sela Creek. Moreover, the company is currently well underway with a substantial 10,000-meter drill program designed to explore the potential of the site further. With an oversubscribed financing round recently closed, Miata is in a strong position to maintain its systematic exploration efforts.
Details of the License and Exploration Plans
The renewed license granted by the Geological Mining Service in Suriname (GMD) encompasses an area of 100 square kilometers, covering most of the existing artisanal mining footprint. This area includes the primary target zones that Miata intends to focus on for exploration. The license facilitates vital activities such as sampling, trenching, and drilling, which are essential for assessing the project's potential.
Commitments and Share Issuance
As part of fulfilling its obligations under the Option Agreement, Miata Metals has completed the necessary financial requirements. This includes issuing 592,883 Miata shares to the optionors of Sela Creek, valuing approximately US$100,000 based on the trailing five-day volume-weighted average price. The company has adhered to all work commitments stipulated in the Option Agreement.
Path Towards Full Ownership
To escalate its ownership from 70% to a full 100% interest in the Sela Creek project, Miata still has a few milestones to achieve. The remaining commitments include cash payments and share issuances due in the forthcoming years, with deadlines set for upcoming years whereby significant payments need to be satisfied.
Stock Options Issued to Management
The company has recently granted 2,400,000 stock options to its management team and consultants. These options, set at an exercise price of $0.25, come with a three-year term and will vest over a twelve-month period. This strategy reflects the company's intent to incentivize its team for continued commitment and performance.
About Miata Metals Corp.
Miata Metals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange under the symbol CSE:MMET, along with its representation on the OTCQB as MMETF and Frankfurt Exchange as 8NQ. The company's primary focus is the acquisition, exploration, and development of mineral properties such as the Sela Creek Gold Project, where it holds a 70% interest, and the Nassau Gold Project, also in Suriname.
Contact Information
For further inquiries, please reach out to:
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
info@miatametals.com
Phone: +1 778 488 9754
Frequently Asked Questions
1. What recent development has Miata Metals announced?
Miata Metals announced the renewal of its exploitation license for the Sela Creek Gold Project.
2. How long is the renewed license valid for?
The renewed exploitation license is valid for five years.
3. What are the company's future exploration plans?
Miata will continue its 10,000-meter drill program and other exploration activities at Sela Creek.
4. How many shares did Miata Metals issue as part of the Option Agreement?
Miata issued 592,883 shares to optionors of the Sela Creek project.
5. Who can I contact for more information about Miata Metals?
You may contact Dr. Jaap Verbaas at info@miatametals.com for more inquiries.
